May 10, 2016: KBL European Private Bankers (KBL epb), headquartered in Luxembourg and operating in 50 cities in Europe, announced its positive financial results for the 12-month period ending December 31, 2015.

KBL epb reported a group net profit of €81 million for 2015, up 22% from the previous year. Over the same period, group revenues rose slightly, reaching €548 million, compared to €539 million over the earlier 12-month period.

Core private banking assets under management rose by €3.7 billion to €49 billion, up 8%  as of December 31, 2015. Group assets under custody remained largely stable.

As of the same date, KBL epb’s Basel III core tier-1 capital ratio stood at 13.8%, demonstrating the group’s strong solvency position.

Yves Stein, Group CEO, KBL epb, expressed significant satisfaction with these results, which highlight the sustained performance of the group’s private banking activities across its pan-European footprint, despite an external environment characterised by historically low interest rates and volatile market conditions.

“KBL European Private Bankers continues to rise to the challenge of change,” he said. “At a time when our sector is consolidating, we are strengthening our footprint, enhancing our range of products and services, and, most importantly, demonstrating our enduring commitment to meeting the individual needs of each client we serve.”

Stein noted the important revenue contribution made last year by the group’s Institutional & Professional Services business line, which serves family offices, foundations, external asset managers and investment funds.

He also highlighted the positive performance of “Richelieu Investment Funds,” the group’s in-house fund range launched in January 2015, which attracted more than €525 million in net inflows last year.

The disclosure of the group’s positive 2015 annual results follows the recent signing of a preliminary agreement by KBL epb to acquire Amsterdam-headquartered Insinger de Beaufort – representing the group’s third acquisition in 18 months.

Subject to approval by the relevant regulatory authorities and additional stakeholders in the Netherlands, KBL epb intends to merge Insinger de Beaufort with Theodoor Gilissen, its wholly owned Dutch private banking unit.

“As we review our group’s many recent accomplishments,” Stein said, “we must also recognise that the first quarter of 2016 proved difficult for our sector, reflecting prevailing market conditions.

“Our group will nevertheless continue to make significant long-term investments, including strategic acquisitions, the enhancement our IT and Operations activities, and the training and professional development of our staff,” he said.

Stein concluded: “With the full support of our shareholder, our team of 2,200 professionals in 50 European cities remains focused on realising our vision to be recognised as a trusted partner and leading private bank everywhere we operate.”

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April 14, 2016 : KBL European Private Bankers (KBL epb) – a pan-European network of private banks, present in the UK via its affiliate Brown Shipley – announced that it has entered into a preliminary agreement to acquire Insinger de Beaufort, a leading private bank in the Netherlands that is also active in the UK, from BNP Paribas Wealth Management.

Currently, Insinger de Beaufort’s team of London-based relationship managers provides international wealth management services to a significant HNWI client base, representing some £1.5 billion in assets under management. Following closing of the transaction, those staff and clients will be integrated into the KBL epb network.

“Today’s announcement represents an excellent opportunity to grow our group’s operations in the UK and, specifically, the business in London,” said Ian Sackfield, CEO of Brown Shipley, whose more than 300 staff operate from six UK offices, managing over £4.4 billion in assets.

In parallel, subject to approval by the relevant regulatory authorities and additional stakeholders in the Netherlands, KBL epb intends to merge Insinger de Beaufort with Theodoor Gilissen, also headquartered in Amsterdam. A member of KBL epb, Theodoor Gilissen is an award-winning Dutch private bank that has been offering its clients personalised, independent advice for 135 years.

Combining the two businesses, Insinger de Beaufort and Theodoor Gilissen will manage over £15 billion in assets in the Netherlands – positioning the merged entity as one of the country’s strongest pure-play private banks.

“We are delighted to announce the signing of this agreement, and look forward to welcoming the clients and staff of Insinger de Beaufort to our pan-European family,” said Yves Stein, Group CEO, KBL epb. “Today more than ever – following the group’s third acquisition in 18 months – we are delivering on our promise of sustained expansion.”

Last year, Brown Shipley acquired Hampton Dean, a chartered independent firm of financial planners based in Nottingham. Puilaetco Dewaay, the KBL epb group’s Brussels-headquartered affiliate, acquired the Belgian operations of UBS in November 2014.

The terms of the acquisition of Insinger de Beaufort – which is targeted to close in the second half of this year, subject to regulatory approval – were not disclosed.

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